Canadian PM unveils C$13bn agency to tackle housing crisis

Canadian Prime Minister Mark Carney on Sunday announced the launch of a new federal agency, Build Canada Homes, backed by an initial C$13 billion ($9.39 billion) in capitalization to boost affordable housing across the country.

Speaking to reporters in Nepean, Ontario, Carney acknowledged the scale of the challenge, “We’re in a housing crisis, and it’s going to take all hands on deck to get us out of it.”

The new agency will focus on constructing affordable housing for low-income households while partnering with private developers to provide middle-class homes. 

According to Carney, the agency will help cut upfront building costs, reduce risks for developers, and make use of public lands for residential projects.

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The initiative is part of the ruling Liberal Party’s pledge to improve housing affordability, curb homelessness, and accelerate construction, an issue that weighed heavily on the approval ratings of Carney’s predecessor, Justin Trudeau.

Carney, a former central banker, has also been unveiling projects aimed at diversifying Canada’s economy and reducing reliance on the United States amid escalating tariff disputes. He noted that the U.S.-led tariff war has worsened Canada’s budget deficit outlook.

The Liberals, who have promised C$130 billion in additional spending over the next four years, forecasted in April that the 2025/26 budget deficit would rise to C$62.3 billion, significantly higher than the C$42.2 billion projection made in December.

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